The global commercial seaweed market size is anticipated to reach USD 22.13 billion by 2024, according to a new report by Grand View Research, Inc. The global market is estimated to witness a healthy CAGR of 8.9% during the forecast period. Rising demand for seaweed-derived food products is estimated to boost the industry growth over the next few years. Growing product application scope in fertilizers, animal feed, and healthcare and medical sectors is also boosting the market demand. Furthermore, growing popularity of seaweed extracts such as agar, carrageenan, and alginate is also likely to drive the commercial seaweed market.

Increasing product application scope in the pharmaceutical sector is projected to boost the market growth. Various properties of commercial seaweeds such as thickening and gelling, which are applicable in hydrocolloid industries, is expected to drive the market further. Regulations regarding the production and harvesting of seaweeds concerning human consumption, animal feed, and agricultural use is expected to augment the market. Seaweeds serve as a major food product in Asia Pacific region. Increased consumption of organic foods is expected to fuel the product demand in the coming years.

Further key findings from the report suggest:

The global commercial seaweed market is projected to witness strong demand over the coming years owing to rising awareness regarding the benefits of seaweeds

Majority of the commercial seaweeds are consumed in liquid form due to ease of application and growing industrial demand

Red seaweed emerged as the fastest-growing product segment in 2015 and accounted for more than 52% of the global market

Human consumption emerged as the largest application segment in 2015 accounting for more than 80% of the overall share

Rising awareness regarding healthier eating habits and lifestyle along with increased disposable income are the key growth-driving factors